Cornfused about Gubmint Taxes.....

[The Southern Gentlemen]

Do tell, please expound on this................

She handled the DMV part of it, i just had to provide a bill of sale and my ID. I’ll speak with her tomorrow and get back to you on her process

 

[The Southern Gentlemen]

Sell it for 1 dollar...that's all it takes.

Been there, done that many times.

If you sell it they hit you with fair market value of the vehicle now days

 

[Cruisers460]

But to answer your question, no, not to the IRS, however if it transfers into his name, there will be the wonderful GA TAVT tax even if you gift it….and it’s 7% of fair market value.

Gave one to my son, he started hollering No No when they talked VAT tax. After they worked it out that it was a gift I think he just paid the tag transfer. 20 bucks or so.

 

[JBWJr]

It's like a slap in the face. Open palmed.
They'd tax the **** you take each morning if they could.

There are federal regulation fees hidden in your water bill...

 

[The Southern Gentlemen]

Gave one to my son, he started hollering No No when they talked VAT tax. After they worked it out that it was a gift I think he just paid the tag transfer. 20 bucks or so.

Same for me, it can be done, just a few hoops

 

[Treehawk]

I think you can trade or barter and not pay the tax

 

[Cruisers460]

I think you can trade or barter and not pay the tax

Depends on your local tax office. Some want full value even if the car is provable junk.

 

[AndyB1]

If it's sold to a direct family member, use the MV-16 form to lessen the taxes. They do not care what you bought it for. Tag office calculates their own value unless bought from a dealer, then they use the purchase price.
https://dor.georgia.gov/mv-16-affidavit-certify-immediate-family-relationship

PS-you can and I have disputed the valuation of the car from a person to person sale. I bought a real POS once with no bumper, only a driver seat, etc and got county to lower the tag/tax/valuation amounts by disputing the valuation. Saved a few hundred dollars!